Thanks BG-but this chart relates to situations where an enforceable contract is in place. You can’t breach a contract until it exists. The question is when does the contract come into being. To summarize-if the buyer can walk away at any time until the contingencies are removed, it’s not a real contract. The Steiner case sort of suggests that if the buyer can walk away then the seller should be able to walk away too. Once the buyer can’t walk away then there is consideration and an enforceable contract comes into being. I am not saying this is settled law. It could be that court could find consideration in the money and time the buyer puts into removing contingencies. I just think it’s a good idea for the buyer to give the seller a certain amount of money that is itrevocable so that there is consideration on the buyers part. Can’t hurt.
